good morning. Here’s what’s happening:
price: Bitcoin continues to show upside potential as issuers grapple with resubmitting Bitcoin ETF applications.
insight: Is Japan running towards the future of cryptocurrencies? Or are you stuck in the past a few years ago?
SEC Says ETF Filing Is Not Enough, But Bitcoin Isn’t Giving Up Hope
Bitcoin (BTC) and Ethereum (ETH) are both holding price stability while North America is heading into a long weekend and markets are quiet.
Cryptocurrencies got off to a rough end last week as the U.S. Securities and Exchange Commission (SEC) said the current Bitcoin ETF filing was “insufficient” and led to price declines. Some of the issuers have reapplied, naming Coinbase as their market surveillance partner.
BitBull Capital CEO Joe DiPasquale sees Bitcoin likely to test the support zone between $27,000 and $29,000, and such price action is likely to result in further altcoin declines. Says.
“Last week we highlighted how Bitcoin sustaining above $30,000 would be positive for the market. As the coin also rose, we saw some of that sentiment shift to alts,” he told CoinDesk in a note. “Market participants would be wise to remain vigilant as the upward momentum continues.”
The week started off with a holiday, but there are some big economic events this week, and the June FOMC meeting minutes will be released on Wednesday. This will give us more insight into how the Fed will move on rates next. JOLT job openings on Thursday, new unemployment numbers on Friday.
Traders will no doubt be balancing all of this with news about the SEC’s next steps on Bitcoin ETFs.
Is Japan in the Future of Cryptocurrencies? Or Was It Years Ago?
After exploring the Japanese internet for a while, you’ll find that it looks a bit old.
You can do more online in Japan than in the West, with a few notable exceptions, and overall the country’s Web2 space feels dated from a decade ago. Consider what the web looked like when the iPhone 4 came out.
“The government really felt that we were completely missing Web2…so now they are thinking of Web3, which Japan could potentially embrace and create a new generation of Japanese tech companies and technology companies in this space. I see it as something that can create foresight,” said Akio Tanaka, a founding partner of IVC, which recently hosted the IVS Cryptography and Web Conference in Kyoto.
“There are no Web2 giants in Japan,” he continued.
But what is the Web3 celebration like in Japan?
Much like what happened at the height of the western bull market.
NFT and GameFi are big, and interestingly so is enterprise blockchain. Some major Japanese companies have announced and invested heavily in Web3 strategies, but these strategies are still vague (think “carbon credit trading” or “medical records”). ), which is under consideration.
Tanaka stresses that all this will be different in Japan.
For example, Japanese GameFi developers “want to serve gamers, not cryptocurrency speculators,” he says.
“They probably won’t try to make the kind of speculative moves we’ve seen outside of Japan. They know it can actually backfire and negatively affect core game fans.” I understand,” he continued.
Sega knows this all too well when it first mentioned its entry into the NFT space. The company faced a strong backlash from its fans, and changed its stance, stating that if Web3’s foray was “seemed as simple moneymaking…they would make the decision not to proceed.”
So does Square Enix. The stock market liked the decision to feature NFTs, including characters from Final Fantasy 7, considered to be the best iteration of the long-running series, but fans hated the idea.
Peeling the layers off, it’s hard to believe that this Web 3 adoption is a little more conservative than the bulls say.
Despite all the talk about GameFi and NFTs on the show, Japan’s most famous IP is far from it, aside from Square’s experiment. Nintendo was looking to hire NFT and Metaverse experts back in March, but nothing has materialized (Tanaka says it would be the last time Nintendo would do anything).
The Japanese prime minister’s opening speech to the conference did not mention Web3 by name either, referring to the importance of startups in economic growth and the government’s plans to make Japan a friendly market for these startups. Only common clichés were mentioned.
But even if that’s not what the evangelists say, there’s something about it.
As the interview with Tanaka drew to a close, the next group, a corporate delegation from Sega, arrived early.
IVC investor Sega recently made the news by denying rumors that it was planning an acquisition. An IVC spokesperson declined to comment on the content of the meeting, which likely involved cryptocurrencies.
Wealth management giant Fidelity has refiled the documents for its spot Bitcoin ETF, Wise Origin Bitcoin Trust. Hashnote CEO Leo Mizuhara shared cryptocurrency market analysis. 507 Capital Managing Partner Tomas Brazil considered the latest FTX bankruptcy developments. And Iomob CEO Boyd Cohen talked about the methodology behind CoinDesk’s cryptohub list for 2023.
Cryptohub 2023: A place to live free and work smart: With regulatory regimes shifting around the world, cryptocurrencies are trying to find the best place to take root, license, register, or stay put. Crypto Hubs 2023, a ranking of the top 15 global cryptocurrency hubs, is a good place to start.
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